OPEC Working Not To Overheat Oil Market, As Prices Edge Lower

The Organization of Petroleum Exporting Countries [OPEC] and its allies are trying to prevent crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.

U.S. West Texas Intermediate crude futures were down 29 cents, or 0.4 per cent, to $82.35 a barrel by 1:43 p.m. ET , after rising 5.6 per cent over the last 2 days.

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